Chat with us, powered by LiveChat

with each and every one of those clicks Americans prove just how much they love Amazon even more so since the coronavirus hit at one point Amazon was bringing in more than $10, 000 in sales every second but do you realize that every time you click Add to Cart and then hit place order you’re making Amazon more powerful so we learned just how powerful the online retailer has become with its first quarter earnings report out today Amazon sales are up 26 percent year-over-year still even Amazon isn’t immune to coronavirus net profits fell 29 percent Jeff Bezos says that they face higher expenses that expect to spend at least four billion dollars this quarter to deal with that meanwhile there is proof that this local company has drastically changed the way we shop it’s also changed Seattle and some argue not for the better is Amazon too big Chris Daniels investigates for many years this has been a vibrant retail hub today no fish are flying silence drowns the Commerce a lot like a place a few blocks away why not make a great public space out of the patch of land 25 years ago it was almost turned into a green space now it is the shiny home for Amazon a massive campus which shows off the company’s strength and its position both literally and figuratively in Seattle and around the globe Amazon founder Jeff Bezos stressed in interviews more than two decades ago his vision for the company’s growth with that distribution center space and half a dozen distribution centers around the country it allows us to get product close to customers so that we can ship it to customers in a very timely way today during the corona virus epidemic that distribution is key to the company’s success from books to beauty supplies to groceries or providing streaming video and cloud computing services it is making sales of $10, 000 a second by one estimation while people stay at home as consumer retail sales plummeted everywhere else down eight point seven percent in March an equation that further strengthens a company threatening to become part of the American infrastructure Amazon has become the pipeline for a lot of people to get basic goods during a pandemic because retail stores are shut down Stacy Mitchell sees a problem with that in the case of Amazon’s platform you’re more and more of our commerce is now being done in the context of their platform and that’s a private arena that they control they set their rules and market participants there don’t have access to a lot of information whereas Amazon has a god-like view of everything that’s going on they’re able to watch all of the transactions all of the companies all of the buying and selling that’s going on there Mitchell is the director of the nonprofit Institute for local self-reliance and has charted how Amazon’s expansion has mirrored the rise in its stock price she was recently profiled in The New York Times and believes the pandemic has also shown Amazon is a monopoly which should be dismantled it’s really thinking about Amazon is a kind of modern-day railroad and the the rail system as infrastructure really needs to be neutral and separate from the companies that compete on it and so in that sense Amazon the platform the online website needs to be separate from Amazon the retailer on that platform because it’s just inherently a conflict of interest when you run the platform that your competitors depend on Congress does have an active antitrust investigation into big tech including Amazon which Mitchell believes could lead to action from the Federal Trade Commission or Department of Justice the company declined to offer an executive for an interview today in advance of its earnings announcement but it will no doubt be a data point for people to chew on in the halls of power those empty breezeways at Pike Place Market and through the rest of a city which has been transformed although there is some momentum for an action of some sort against Amazon company is quick to point out that it’s doing more for the community than ever before including spending 800 million dollars for employees safety locally at ten million dollars small business fund to pay the rent for certain businesses in South Lake Union in Bellevue and founder Jeff Bezos announced that he’s donating 100 million dollars to feeding America knows already pledged to spend 2 billion dollars of his personal wealth to fight homelessness and even before this story aired tonight we had put on a promo and that prompted a reaction from Cathy chance from Forks who saw that promo and wrote us to say she lives in the woods and has only one grocery store and finds great value in getting just about anything shipped to her front door quoting Cathy now by shopping with Amazon I’m able to contribute to the support of hundreds of jobs from the manufacturer of the products to warehouse workers to delivery that’s the story for now at headquarters here in Seattle I’m Chris Daniels King 5 news and by the way remember we mentioned that by some estimates Amazon sales were about ten thousand dollars per second while Chris’s story was roughly 270 seconds long so in just that time theoretically Amazon would have raked in 2.

7 million dollars.

Author

bramen

Leave a comment